6 Ways a Group Buy Will Boost Business
Everyone knows that a necessary goal of running a business is to make money. In an ever-changing market, finding innovative ways to boost revenue can be difficult. Sales teams, executives, and small business owners alike are constantly looking for creative ideas to minimally impact time but expand reach and profits.
That’s where group buying steps in. Consumers are already well aware of crowdfunding benefits. The prices are cheaper, normally exclusive products are easily accessible, and there’s no risk. It’s not often that companies, large and small, look at the benefits group buyers can offer them. So what are the advantages?
Here are 6 reasons why your company should invest in targeted group buyers:
1. Attract New Customers
Sure, you might be well known in your industry with the usual customers. But what about that demographic you’ve had trouble penetrating? Or the market you’re looking to break into? Or that you are completely unaware of? With group buying, you reach several populations at once. The consumer’s goal is to get the best price, and more buyers equal a cheaper price. Interested consumers are incentivized to actively share with others to generate more buyers, which in turn, organically spreads the word about your business and its products.
2. Free Advertisement
This benefit is two-fold. Not only will you receive organic promotion from consumers, as described above, but the group buying platform itself will promote your brand for free. That’s instant access to their database and social media reach. It’s free advertising that generates leads and sales. It will also give you the ability to engage with consumers on social media platforms who are discussing your products.
3. Move Inventory
Do you have product that’s been hard to move and it’s taking up precious space on your shelf? Did Dave accidentally order 1000 items when you specifically asked for 100 and there is a no-return policy? There’s no better way to quickly move product than linking up with a group buying company who can move it for you. All you need to do is settle on the price and let someone else do the work. Maybe Dave will even keep his job.
4. No Risk, No Hassle
Logistics can be a nightmare and a big deterrent for businesses to offer group buy deals. Imagine they are completely handled and all you have to do is say "Ok." Some group buy platforms will handle distribution, logistics, shipping, customer service, and everything else internally, with 1 simple bulk order to your business. No risk, no stress, no hassle. Just happy hour!
5. Increased revenue
This is a no-brainer. You gain more customers and increase revenue! It’s perhaps the biggest reason to work with the group buying community. They want your products and when it’s offered through a unique platform that offers a fun collaborative purchasing environment with discounts and support, they’re going to want and talk about it even more. Easily turn 5 buyers into 50 or 500. That’s simple math even Dave can do… well maybe not.
6. Instant Market Feedback
Some companies have been known to release beta or pre-production products to early adopters to try out and provide feedback. This is the best way to nurture a market and hear what customers with various backgrounds have to say. For example, at GroupGets we have partnered with FLIR Systems Inc., a leader in thermal imaging, infrared cameras, and CBRNE detection, to release hot new products to “power users” to get valuable feedback before high volume production begins.
The group buying and crowdfunding community has increased significantly in the past 3 years and people are now very comfortable with it. It’s clear that crowdfunders and group buyers are motivated and highly socially engaged on the internet. At GroupGets, our platform enables secure online group buys, user discussions, logistics and support for global B2B and B2C sales. Now you can have the best of both worlds.